Rent Stabilized Rents are Once Again On the Rise. NYC's Rent Board meets yearly to determine how much, if at all, landlords can raise the rents on almost a million rent stabilized apartments. This year, the board voted to charge increases of up to 1.5 percent for one-year leases and 2.5 percent for two-year leases for all leases beginning after October 1, 2018. These increases are the highest tenants have seen since 2013.
Although data showed that landlords would continue to profit from the rent stabilized rental income even if there were a rent freeze, the Rent Guidelines Board ignored the pleas of struggling tenants who argued that the increases would push them and their families over the precipice into financial hardship and/or ruin.
Read the full article here:
City’s Rent Board Approves Increases of 1.5% and 2.5%
June 26, 2018
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